Today’s AM fix was USD 1,202.25, EUR 966.59 and GBP 767.04 per ounce. Yesterday’s AM fix was USD 1,196.00, EUR 964.67 and GBP 764.51 per ounce.
Gold dipped 0.2% in light trading yesterday to close just above $1,196 as rising global equities reduced demand for safe havens. The other precious metals also closed lower, with silver slipping 0.1% while platinum and palladium gave up 1.7% and 0.4%, respectively.
EUR in USD - YTD 2014 (Thomson Reuters)
The dollar was firm ahead of U.S. economic data (GDP and consumer confidence), and the market awaits the Swiss referendum on central bank gold reserves for more trading cues on Sunday. A yes vote will lead to fireworks in the gold market and higher prices.
HSBC, commenting on the Swiss vote, says: "The impact of a ‘yes’ vote could quickly translate into prices and take gold as much as $50/oz higher. The impact on gold of a 'yes' vote on the gold market could be notable. On a basic level, a ‘yes’ vote would require the SNB to increase bullion stocks. But it would also be a strong signal in support of the utility of gold and may help galvanize the bullion market, which has seen steep declines since the beginning of 2013."
Bullion prices were also lifted by news that China's net gold imports from conduit Hong Kong rose to 77.628 tons in October from 68.641 tons in September, as the world's largest gold buyer saw strong demand for jewellery and bullion coins and bars.
Holdings in gold-backed ETP’s rose 1.6 metric tons to 1,617.8 tons as of yesterday, gaining for a second session, while still close to a five-year low, according to Bloomberg data. Silver for immediate delivery advanced 1.4% to $16.7237 an ounce, rising for a fourth day in the longest run of gains since June 26. Platinum climbed 1.4% to $1,221.63 an ounce. Palladium gained 0.5% to $796.25 an ounce.
Silver in USD - 2 Years (Thomson Reuters)
Sales of gold American Eagle coins from the U.S. Mint have already outstripped last November's total with nearly another week of the month to go, standing at 53,000 oz this month compared to 48,000 oz in November last year.
Silver Amrican Eagle sales are at 3.096 million oz, up from 2.3 million oz in November last year and on track for a record year of sales. China’s gold demand remains very robust as seen in Shanghai Gold Exchange (SGE) deliveries and Hong Kong gold exports to China.
China's net gold imports from main conduit Hong Kong rose to 77.628 tons in October from 68.641 tons in September as the world's biggest consumer saw strong demand for jewellery and bars. Total imports from Hong Kong to the mainland rose to 111.409 tons last month from 91.745 tons in September, according to data e-mailed to Reuters by the Hong Kong Census and Statistics Department.